Aware Real Estate (ARE) has expanded its Victorian industrial footprint following the acquisition of Austrak Business Park, a 99-hectare industrial estate in Melbourne\u2019s north.<\/p>\n\n\n\n
Aware conducted the acquisition in partnership with Barings, with the cost totalling about $600 million.<\/p>\n\n\n\n
The business park is strategically located 20km north of Melbourne\u2019s CBD, 10km north-east of Tullamarine Airport, and 22 km north of the Port of Melbourne. It is also connected to major road and rail transport infrastructure.<\/p>\n\n\n\n
Current tenants include Coles and Bunnings, and current works are set to make it Australia\u2019s largest intermodal freight terminal by 2025.<\/p>\n\n\n\n
The purchase includes existing buildings and development land and encompasses roughly 373,000 square metres.<\/p>\n\n\n\n
Aware Real Estate CEO Michelle McNally says the acquisition is the latest step in the company\u2019s strategy of investing in well-located assets with strong tenants.<\/p>\n\n\n\n
\u201cThe Austrak Business Park represents a significant milestone for our strategic growth into the industrial sector and follows our other developments in NSW, The Yards and First Estate,\u201d McNally says.<\/p>\n\n\n\n
\u201cOur strategy will deliver high-quality new developments with strong placemaking featuring amenities for the site such as cafes and ESG performance with energy efficient buildings, solar panels and EV charging.<\/p>\n\n\n\n
\u201cWe will also create a new identity for the estate with targeted marketing strategies to increase its visibility and attraction to potential tenants.<\/p>\n\n\n\n
\u201cWe also expect an uptick in demand for the Park once the Somerton Intermodal Terminal becomes fully operational next year and able to accommodate up to one million TEUs.\u201d<\/p>\n\n\n\n
The transaction is the latest deal borne out of the partnership between ARE and Barings, with Barings Real Estate Executive Director Shaun Hannah stating the long-term relationship stands to benefit both organisations, and tenants of the Austrack Business Park.<\/p>\n\n\n\n
\u201cBarings is pleased to continue its partnership with Aware Real Estate through the sourcing of a high-quality industrial and logistics asset that will benefit from significant investment,\u201d he said.<\/p>\n\n\n\n
\u201cThis is also an opportunity to unlock value through a master planning process and develop the 100-hectare site to its full potential,\u201d he said.<\/p>\n\n\n\n
\u201cWe believe Austrak Business Park is a transformative precinct and are excited to redefine supply chain efficiencies both in Melbourne and for the state of Victoria through this development.\u201d<\/p>\n\n\n\n
ARE has acquired 100 per cent of the Somerton-located property from the former 50\/50 joint venture owners GPT and Austrak AFM.<\/p>\n\n\n\n
ATN<\/p>\n","protected":false},"excerpt":{"rendered":"
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